International Cyberattack Should Spur $53 Billion In Losses

Insurers are struggling to estimate their potential exposure to cyber-related losses amid mounting cyber risks and interest in cyber insurance.
Economic costs in the hypothetical cloud provider attack dwarf the $8 billion global cost of the “WannaCry” ransomware attack in May, which spread to more than 100 countries, according to Cyence.
The Lloyd’s report follows a U.S. government warning to industrial firms about a hacking campaign targeting the nuclear and energy sectors.
In June, an attack of a virus dubbed “NotPetya” spread from infections in Ukraine to businesses around the globe.
A lack of historical data on which insurers can base assumptions is a key challenge.